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Just another WordPress siteMon, 16 Oct 2017 20:52:16 +0000en-UShourly1https://wordpress.org/?v=4.8.2An Australian University Is Giving Out Ether to Studentshttp://xbtnews.net/2017/10/an-australian-university-is-giving-out-ether-to-students/
http://xbtnews.net/2017/10/an-australian-university-is-giving-out-ether-to-students/#respondMon, 16 Oct 2017 20:52:16 +0000http://xbtnews.net/2017/10/an-australian-university-is-giving-out-ether-to-students/The University of New South Wales’ consumer loyalty research effort will pay students in ether for making […]

]]>Dutch Bank ING released a report complaining about the energy amount that the average Bitcoin transaction consumes.

When it comes to Bitcoin, some people just aren’t happy unless they’re finding something to complain about. The fact that it’s essentially a revolution in finance and individual liberty isn’t important. What is important is what they consider the drawbacks of Bitcoin to be. The most recent example comes from the Dutch bank ING, who just released a report complaining about the high energy cost associated with every Bitcoin transaction.

Leaving All the Lights On in the House

The report from Dutch bank ING looks at the energy consumption of the average Bitcoin transaction from several angles. On one hand, they note that the use of a tremendous amount of electricity makes fraudulent transactions costly by keeping the verification of trades expensive. This high cost does serve as a deterrent to those who would seek to cause mischief.

ING senior economist Teunis Brosens says:

By making sure that verifying transactions is a costly business, the integrity of the network can be preserved as long as benevolent nodes control a majority of computing power. Together, they will dominate the verification (mining) process. To make the verification (mining) costly, the verification algorithm requires a lot of processing power and thus electricity.

Brosens goes on to discuss how much energy is used in a Bitcoin transaction. He says that it takes 200kWh for every Bitcoin transaction, which is higher than the 37kWh for Ethereum. Of course, this is far higher than the 0.01kWh for a credit card transaction, say Visa. Brosens adds:

This number needs some context. 200kWh is enough to run over 200 washing cycles. In fact, it’s enough to run my entire home over four weeks, which consumes about 45 kWh per week costing €39 of electricity (at current Dutch consumer prices).

The Ongoing Energy Debate

A cynical person might note that Brosens may be pointing out the vast energy cost difference between Bitcoin and credit card transactions due to the fact that banks, such as ING, have a vested interest in promoting credit cards over cryptocurrencies. I’m pretty sure banks are not thrilled with the lack of centralized control associated with Bitcoin and other digital currencies.

However, it is true that Bitcoin transactions require a lot of energy, and there are many articles where people really dig into the math. It also appears that the energy consumption is increasing over time, even for the less taxing Ethereum. Yet is such energy consumption the end of the world? Are we doomed to live out our lives in a Mad Max future where we barter for water and precious juice with Bitcoin? While probably pretty cool, the answer is no. The amount of energy produced grows every year as more power plants come online and older plants become more efficient.

This really isn’t a zero-sum game or else the rise of server farms would have ushered in an age of calamity. There’s actually excess energy to be found, such as the case in Russia where power companies are selling off their excess energy to miners at a cheaper rate. In the end, such complaints are just another tirade against Bitcoin as it represents a massive shift from the old status quo and the powers that be are not happy with that.

Do you think Bitcoin transactions consume too much energy? Is the higher consumption worth it to reduce fraud? Let us know in the comments below.

]]>http://xbtnews.net/2017/10/bernanke-on-blockchain-obvious-benefits-from-tech-in-payments/feed/0E-Sports – Will EHT be the New Universal Currency for Gamers?http://xbtnews.net/2017/10/e-sports-will-eht-be-the-new-universal-currency-for-gamers/
http://xbtnews.net/2017/10/e-sports-will-eht-be-the-new-universal-currency-for-gamers/#respondMon, 16 Oct 2017 18:22:28 +0000http://xbtnews.net/2017/10/e-sports-will-eht-be-the-new-universal-currency-for-gamers/In recent years, the rise of technology within the gaming sector has revolutionized the way users participate […]

]]>In recent years, the rise of technology within the gaming sector has revolutionized the way users participate in games as well as the way they share content. This, in turn, has created the industry and online gaming community known as e-Sports.

[Note: This is a press release.]

E-Sports has been named one of the fastest growing industries, pulling in viewers of over 354 million during the League of Legends Worlds, as reported by Slingshot. Twitch, an industry giant, reports over 100 million unique users a per month as well as 10 million daily active users. (DMR 2017).

E-Sports encapsulates licensed betting from companies like Bet365, who have over 22 million users worldwide. This shows the scope of the industry, especially when you consider that during 2016, the global volume for betting exceeded 5 billion euros. With the evolution of gaming and its ever-expanding community, there is a clear need for a universal currency, which allows users to engage in transactions while giving back to the consumers. EHT has been proposed as this new currency via the application of blockchain technology.

Chief e-Sports officer and co-founder Benjamin Föckersperger said:

Never has there been a platform where gamers and fans can share, curate and enjoy cool content together, or even participate in and contribute to e-Sports events. There will be a shop for your favourite e-Sports team’s merchandise as well as hardware, chairs, coaching lessons, or betting on your favourite team. You decide which offers you want to participate in and which you don’t like. All our users can participate in creating content for those areas by writing guides or producing videos. They get paid in ERT for their contribution which can be cashed out from ERT to FIAT (i.e. traditional currency) through several exchanges or our site at the current value of ERT for that day and time.

EHT is based on Ethereum and will specifically target the e-Sports community. The platform will provide a singular service that incorporates and builds a one-stop service for Games, Licensed Betting, and e-Sports Physical Training Universities. From a market perspective, this will build long-term interest organically, perhaps even surpassing the classical sports market in the not-too-distant future.

Upon reaching a 20-million-euro funding milestone, the company will open a physical e-Sports center in Berlin. Any user may apply online for challenges held at the center, and possibly qualify to become a pro player in one of the specialist games. This will educate younger gamers and prepare them for the industry as well as participants in tournaments around the world and professional gaming.

The tokens will be on pre-release from the 1st November to the 30th November. Out of the overall 60,000,000 tokens deployed 40% will be released during the pre-ICO phase at a price of €0.79. Tokens purchased after this period will at the standard rate of €1.09.

Media Contact

Esports.com is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

]]>The highly anticipated Appian ICO has been set to launch on Monday, October 16, 2017. The Appian team is building a revolutionary app store on top of the Ethereum blockchain. App stores have traditionally been centralized, like the Apple App Store or Google Play. Appian is completely changing that.

[Note: This is a press release.]

Appian gives freedom to users and developers. Anyone can develop for the app store. Anyone can leave feedback for apps. Great apps with great feedback will be featured on Appian’s Dapp store. Developers can take feedback and make their app even better. Appian also gives users a unique way to earn APP tokens by helping developers improve their app. Users will be awarded tokens based on how well developers rate their feedback. Best of all, these rewards will be given from Appian to save developers R&D costs.

In order to make this all possible, the Appian team has designed an Appian token (APP) for use on the Appian platform. APP tokens will be used to buy apps on the Ethereum App Store. These tokens are distributed only for three weeks during the ICO.

Only for this week: crowdsale participants will receive a 20% bonus tokens for their contributions. This ICO will only last 3 weeks. After the limited time crowdsale, no tokens will ever be created again. In the interest of APP token holders, the supply of APP tokens will be capped at 4.5 million. Only contributions in Ether are accepted. The current rate for APP tokens is 1 ETH=360 APP.

]]>http://xbtnews.net/2017/10/appian-the-worlds-first-ethereum-app-store-launches-ico-oct-16-utc-0000/feed/0Ethereum's Gavin Wood Is Calling for More 'Conservative' Hard Forkshttp://xbtnews.net/2017/10/ethereums-gavin-wood-is-calling-for-more-conservative-hard-forks/
http://xbtnews.net/2017/10/ethereums-gavin-wood-is-calling-for-more-conservative-hard-forks/#respondMon, 16 Oct 2017 16:50:59 +0000http://xbtnews.net/2017/10/ethereums-gavin-wood-is-calling-for-more-conservative-hard-forks/One of the founders of ethereum is calling for the network to learn its lesson from Monday’s […]

]]>St. Vincent, and the Grenadines-based FOREX trading platform Evolve Markets, has announced the launch of ‘The Box,’ a new, advanced FX and metals matching engine.

[Note: This is a press release.]

The new matching engine will provide the platform with higher levels of liquidity and improved execution speeds. Evolve markets, already known for its ultra-fast transaction speeds, looks to maintain its reputation in this area with the upgrade. Since The Box was implemented, the platform has witnessed trade executions with multiple legs of depth filling VWAP occurring in as little as 5 to 10 milliseconds, via MetaTrader 4 and 5.The platform’s compatibility with MetaTrader offers its users access to accounts from Windows, Mac or Linux-based machines. This fusion of software also allows Evolve Markets’ users to trade freely on both web browsers and mobile devices.

Liquidity was the first improvement in mind when Evolve Markets deployed The Box, as it looks to launch the full MetaTrader 5 platform in the near future. Evolve Markets’ users currently have access to superior institutional liquidity through MT4 and will later reap the full benefits of MetaTrader 5, which will soon be the most advanced FX platform available. Peter Spyro, the Managing Director at Evolve Markets, believes the company holds an advantage over its peers, as the platform currently offers its users superior technology, with FX liquidity continuing to attract increasing numbers of Forex traders. Evolve Markets believe it is now perfectly equipped to serve even the most demanding and experienced Forex traders. The platform allows its traders to make both high risk, and conservative trades, with 1:500 leverage for Forex pairs and CFD’s, and crypto pairs offering leverage of up to 1:25.The Box now gives users much faster quotes, rapid execution of both low and high-volume trades, and better trade fills.

With the increasing acceptance from mainstream Forex traders, Evolve Markets want to stay one step ahead of their peers in the market and believe that The Box will help them achieve that. The MetaTrader 4 platform is currently being used by Evolve Markets traders and the MetaTrader 5 will be available in the coming weeks.

]]>http://xbtnews.net/2017/10/evolve-markets-announced-the-launch-of-the-box-fx-and-metals-matching-engine/feed/0Gates Foundation to Use Ripple Interledger Tech in Mobile Payments Pushhttp://xbtnews.net/2017/10/gates-foundation-to-use-ripple-interledger-tech-in-mobile-payments-push/
http://xbtnews.net/2017/10/gates-foundation-to-use-ripple-interledger-tech-in-mobile-payments-push/#respondMon, 16 Oct 2017 16:06:34 +0000http://xbtnews.net/2017/10/gates-foundation-to-use-ripple-interledger-tech-in-mobile-payments-push/DLT startup Ripple is one of several firms to contribute to a new payments services app from […]